I just need help on question 8 and 9, i have no idea if 6 and 7 are correct.
6. Who has a comparative advantage in the production of apples? a. The US b. Mexico c. Neither country d. Both countries e. Cannot be determined from the information given 7. Who has a comparative advantage in the production of oranges? a. The US b. Mexico c. Neither country d. Both countries e. Cannot be determined from the information given 8. Who has an absolute advantage in the production of apples? a. The US b. Mexico c. Neither country d. Both countries e. Cannot be determined from the information given 9. How can the two countries benefit from trade? a. The US should specialize in producing apples and Mexico should specialize in producing oranges b. Mexico should specialize in producing apples and the US should specialize in producing oranges c. Both countries should specialize in producing apples d. Both countries should specialize in producing oranges e. The countries in this case cannot benefit from trade Use the following information to solve questions 2 and 9. assume there are only two countries, the US and Mexico. Further, assume that these two ountries are only producing two types of goods, apples and oranges. Each country has 10 hours vailable that it can use for production. For the US, every hour spent producing apples would ield 2 apples and every hour spent producing oranges would yield 1 orange. For Mexico, every our spent producing apples would yield 1 apple and every hour spent producing oranges would ield 0.25 oranges 2. Fill in the blank: If the US spent its entire 10 hours producing apples it would make apples, and if it spent its entire time producing oranges it would make oranges. a. 20; 10 b. 10;5 c. 10; 20 d. 5; 10 e. Cannot be determined from the information given 3. Fill in the blank: If Mexico spent its entire 10 hours producing apples it would make apples, and if it spent its entire time producing oranges it would make oranges. a. 10; 2.5 b. 10; 5 c. 5; 10 d. 2.5; 10 e. Cannot be determined from the information given 4. What is the opportunity cost of producing apples for the US? a. Opportunity cost of 1 apple is 0.5 oranges b. Opportunity cost of 1 apple is 0.25 oranges c. Opportunity cost of 1 apple is 1 orange d. Opportunity cost of 1 apple is 1.5 oranges e. Opportunity cost of 1 apple is 2 oranges 5. What is the opportunity cost of producing oranges for the Mexico? a. Opportunity cost of 1 orange is 1 apple b. Opportunity cost of 1 orange is 2 apples c. Opportunity cost of 1 orange is 3 apples (d. Opportunity cost of 1 orange is 4 apples e. Opportunity cost of 1 orange is 5 apples